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Source-Dependence of Utility and Loss Aversion: A Critical Test of Ambiguity Models
Abdellaoui, Mohammed; Bleichrodt, Han; L'Haridon, Olivier; … - Centre de Recherche en Économie et Management (CREM) - 2013
models and prospect theory. We present a new method to measure utility and loss aversion under uncertainty without the need …
Persistent link: https://www.econbiz.de/10010969007
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Joint measurement of risk aversion, prudence, and temperance
Ebert, Sebastian; Wiesen, Daniel - In: Journal of Risk and Uncertainty 48 (2014) 3, pp. 231-252
. In contrast to commonly used utility functions, prospect theory can predict this behavioral pattern. In our experiment …
Persistent link: https://www.econbiz.de/10010987807
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Prospect theory and the “forgotten” fourfold pattern of risk preferences
Scholten, Marc; Read, Daniel - In: Journal of Risk and Uncertainty 48 (2014) 1, pp. 67-83
risk aversion in losses. This fourfold pattern was not addressed by either version of prospect theory (Kahneman and Tversky …:297–323, <CitationRef CitationID="CR43">1992</CitationRef>). We show how prospect theory can accommodate the pattern by combining an … overweighting of low probabilities with a decreasingly elastic value function. We then examine the performance of prospect theory …
Persistent link: https://www.econbiz.de/10010987820
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Is it my money or not? An experiment on risk aversion and the house-money effect
Cárdenas, Juan; Roux, Nicolas; Jaramillo, Christian; … - In: Experimental Economics 17 (2014) 1, pp. 47-60
The house-money effect, understood as people’s tendency to be more daring with easily-gotten money, is a behavioral pattern that poses questions about the external validity of experiments in economics: to what extent do people behave in experiments like they would have in a real-life...
Persistent link: https://www.econbiz.de/10010988994
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The role of emotions on risk aversion: A Prospect Theory experiment
Campos-Vazquez, Raymundo M.; Cuilty, Emilio - In: Journal of Behavioral and Experimental Economics … 50 (2014) C, pp. 1-9
This study measures risk and loss aversion using Prospect Theory and examines the impact of emotions on these …
Persistent link: https://www.econbiz.de/10011220527
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Cumulative Prospect Theory as a model of economic rationality
Potocki, Tomasz - In: Ekonomia journal 31 (2012)
Most economic models are prescriptive and based on expected utility theory. Decisions taken on the basis of these … models ought to be completely rational and consistent with axioms of the expected utility theory. Prospect theory (PT) is an … alternative theory of choice under risk and increasingly used to explain deviations from the traditional paradigm of rational …
Persistent link: https://www.econbiz.de/10011271590
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Risk Appetite
Berlinger, Edina; Váradi, Kata - In: Public Finance Quarterly 60 (2015) 1, pp. 49-62
went on to present the main results of behavioural research, with special focus on prospect theory, the correlations …
Persistent link: https://www.econbiz.de/10011251914
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The Shape of Utility Functions and Organizational Behavior
Pennings, J.M.E.; Smidts, A. - Erasmus Research Institute of Management (ERIM), ERIM … - 2002
Based on measurements with 332 owner-managers, the global shape of the utility function (i.e., S-shaped versus concave or convex over the total range of outcomes) appears to discriminate organizational behavior. Whereas the degree of risk aversion, based on the local shape of the utility...
Persistent link: https://www.econbiz.de/10005288799
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In Dubio Pro Reo. Behavioral explanations of pro-defendant bias in procedures
Nicita, Antonio; Rizzolli, Matteo - Dipartimento di Economia Politica e Statistics, … - 2012
The standard model of optimal deterrence predicts that the probability of wrongful conviction of the innocent is, at the margin, as detrimental to deterrence as the wrongful acquittal of guilty individuals. We extend the model in several directions: using expected utility as well as nonexpected...
Persistent link: https://www.econbiz.de/10010552859
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ТЕОРИЯ ПОВЕДЕНЧЕСКИХ ФИНАНСОВ КАК СУЩЕСТВЕННЫЙ ФАКТОР ОЦЕНКИ ИНВЕСТИЦИОННЫХ УСЛОВИЙ ДЛЯ ПРИНЯТИЯ РЕШЕНИЙ НА РЫНКЕ ЦЕННЫХ БУМАГ...
ГРИШИНА Н.П. - In: ВЕСТНИК САРАТОВСКОГО … (2011) 3, pp. 9-13
В статье изложены основы теории поведенческих финансов, определяющей из которых является теория перспектив Д. Канемана и А. Тверски, представлены предпосылки ее...
Persistent link: https://www.econbiz.de/10011236198